Latest Petrol Price Hike News, Update On Fuel Scarcity For November 11th, 2024

As Nigerians continue to groan over the recent increase in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, Naijaonpoint brings you the latest update on petrol scarcity, fuel price increase and Govt/citizens’ reactions.

Senator Mohammed Sani Musa, Chairman of the Senate Committee on Finance, has addressed the debates sparked by his recent statement on fuel subsidy removal.

During an interview on Channels TV’s Politics Today on Friday, Musa asserted that the removal of the fuel subsidy was a pivotal move for Nigeria’s progress.

“We want to be sure that what we are doing is not going to reflect negatively on Nigerians. What this government is doing, by virtue of the fact that we removed subsidy, removing subsidy is the best thing that has happened to this country,” he stated.

Musa’s comment drew varied reactions, igniting public discourse on the impacts of subsidy removal on the economy and citizens.

The senator emphasized that the decision aimed to promote long-term economic stability and ensure resources are directed to more productive sectors.

The Nigeria Labour Congress (NLC) has accused petrol marketers of excessively inflating petrol prices, alleging that the pump rates are far above the product’s actual market value.

The NLC expressed that Nigerians are being unjustly burdened, enduring worsened economic hardship as government policies continue to drive many into poverty.

Following a recent National Executive Council (NEC) meeting, the NLC issued a statement addressing the escalating economic difficulties nationwide, calling for an immediate reassessment of what it referred to as “anti-people” policies.

The NLC also instructed its state councils to begin an indefinite strike from December 1, 2024, in regions where the new minimum wage has yet to be implemented, as a response to unresolved labor concerns.

This directive highlights the NLC’s determination to challenge both fuel pricing practices and government actions that impact Nigerians’ welfare.

The Dangote Refinery and Petrochemical is poised to commence fuel exports to South Africa, Angola, and Namibia.

According to a source who spoke with The PUNCH on Friday, the management of the 650,000-barrel-per-day capacity refinery is in advanced discussions with these nations regarding fuel supply agreements.

Reports indicate that four additional African countries – Niger Republic, Chad, Burkina Faso, and the Central African Republic – have also begun negotiations with the refinery.

Saturday PUNCH was informed that more countries are expected to express interest in securing fuel supplies from the $20 billion Lekki-based refinery in the coming months.

Ghana has already signaled interest in purchasing petrol, with Mustapha Abdul-Hamid, Chairman of Ghana’s National Petroleum Authority, noting that the deal with Dangote would put an end to the country’s monthly $400 million fuel imports from Europe.